Authorizing Economic Development Revenue Bonds - W & B Realty Project

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of industry, are greater than the cost of public services as that phrase is defined in the Economic Development Act, I.C. 18- 6 -4.5 -1 as amended, which will be required by the W & B REALTY PROJECT. Section 2. In order to pay the cost of the construction of a commercial building which will constitute economic development facilities of the W & B REALTY PROJECT, there are hereby authorized to be issued, sold and delivered One Hundred Seventy -Five Thousand ($175,000.00) Dollars aggregate principal amount of Economic Develop- ment Revenue Bonds. Section 3. The form of the Lease and Trust Indenture and Industrial Development Revenue Bond are before the meeting and hereby incorporated by reference in this Bond Ordinance and the Clerk is hereby directed to insert them into the minutes of the Common Council and to keep them on file. Section 4. The Economic Development Revenue Bond, payable solely and only from the revenue derived from the economic facilities, may be issued in an amount or amounts not to exceed One Hundred Seventy -Five Thousand ($175,000.00) Dollars for a period not to exceed Twenty (20) years duration from the date of the issuance of said Bond in accordance with the terms of the Lease and Trust Indenture and such Bond shall be issued on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk of the City of South Bend, Indiana, and shall be sealed with the corporate seal of such City. Section 5. The Lease and Trust Indenture and Economic Development Revenue Bond shall executed on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk. The Economic Develop- ment Revenue Bond authorized by this Ordinance shall not be and shall never constitute an indebtedness of or a charge against the general credit or taxing power of the City of South Bend, nor shall the Bonds be paid in any manner from funds raised by taxation. The Bond shall be payable solely from revenues and receipts derived pursuant to the terms of the Lease and Trust Indenture. Section 6. Resolutirn Number 18 -79 of the City of South Bend Economic Development Commission passed on August 17, 1979, is hereby approved and the Common Council of the City of South Bend hereby finds =10